Russia FX/Rates Snapshot - September 24, 2018
Over the weekend it was reported that China had cancelled trade talks with the US after the mutual imposition of fresh tariffs. This sparked some risk-off, and most Asian currencies are in the red this morning. The ruble is an outperformer, however, gaining 0.5% so far today, backed by oil surging 2% above the key resistance level of $80/bbl. Exporters will likely keep selling decent amounts of FX ahead of tomorrow's R570 bln MET payment. Given the improving sentiment toward Russian assets and high oil price, we expect USD/RUB could break below 66 and may even fall to 65.5.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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